Global recruiter Manpower reported a drop in profits for the three months ending 31 March 2009.

Net earnings for the three months ended 31 March 2009 were $2.3m (£1.57m), compared to $75.5m (£51.52m) a year earlier. Revenues for the first quarter were $3.6bn (£2.46bn), a decrease of 32% from the year earlier period, or a decrease of 22% in constant currency.

Included in the first quarter results is a reorganisation charge of $6.9m (£4.71m) primarily related to severances, office closures and consolidations. Currency changes had a negligible impact on net earnings in the quarter.

Jeffrey A Joerres, Manpower’s chairman and chief executive, says: “The continued deterioration of the labour markets throughout the world has put pressure on our profitability. Our team has performed well in reducing our operating costs, while at the same time maintaining the appropriate geographical presence.

“In the US and French markets, we have experienced revenue stability over the last five weeks, which is the longest string of revenue stability in the US in four quarters. The European geography, in general, has declined and continued to do so throughout the first quarter.

“Our career transition and organisational consulting company, Right Management, had an outstanding quarter - assisting over 60,000 people worldwide to prepare for new careers while contributing significant earnings.

“We anticipate that, despite the difficult economic environment, we will maintain profitability in the second quarter.”